Valeant Acknowledges CEO Pearson Has Been Subpoenaed By Senate Committee

Valeant Pharmaceuticals International Inc. acknowledged Monday that Chief Executive J. Michael Pearson has been subpoenaed by the Senate Committee on Aging, which is investigating price increases in certain prescription drugs. "The board has requested Mr. Pearson's cooperation in connection with a subpoena for deposition from the Senate Committee on Aging prior to the Committee's scheduled April 27 hearing," The company said in a statement. The committee will be examining how Valeant dramatically raised the price of certain life-saving drugs that it acquired. Valeant's stock, which climbed 2% in premarket trade, has plunged 67% year to date through Friday, while the S&P 500 has gained 0.2%.